South Carolina February 2021 – Key Take Aways
- Guest Speaker Michael Graney, Vice President, Global Business Development, Charleston Regional Development Alliance provided and informative an in-depth presentation on the organization and how they are working hard to attract and keep businesses in the Charleston area.
- For the last 10 years Charleston has been outperforming the United States as a whole, in employment growth, economic output and real wage growth.
- Haynsworth Sinkler Boyd has seen an uptick in investor owned construction deals/loans. They continue to have a busy 1st quarter.
- Federal Reserve Bank of Richmond shared an interesting website with the group tracktherecovery.org. They noted that people are spending more time at home than at the workplace. The time spent in retail and restaurants continues to decline. Many people are starting to feel more comfortable socializing. Baby boomers are the least comfortable socializing. During the pandemic, there has been an uptick in high wage jobs and a decline in lower wage jobs.
- Cherry Bekaert is waiting on another stimulus package to see what implications it has on taxes. They continue to be busy with employee retention credits.
- Gallagher noted that the winter storm in Texas was a huge event for February and will bring about changes to the insurance marketplace. Water damage deductibles and roof replacement cash value are things to watch.
- NAI Charleston said that multi family and industrial are carrying the ball. There is an ongoing challenge with getting information from many municipalities that have not reopened for business. They are seeing an increase in corporate office vacancy rate.
- NAI Columbia is also very busy in the industrial market with low vacancy and high demand. There are only 3 buildings in the midlands that have class A space available. They are seeing foreign projects start to heat back up. S ingle family rental communities have increased and the demand for land for development is high.
- Tax Credit Marketplace announced that the abandoned building act is in the House Ways and Means Committee and should pass in the coming weeks. They had 11 projects in 8 counties in SC in 2020. They are hurrying to get offering document out in March for 2021.
- Terracon is having their fasted start to a year ever. They are seeing increasing opportunities in renewables. The pandemic has showed us the inequality with access to internet and the need for more data centers. Sub surface data driving decision making.
- Context Design Group is having a busy start to the year. They are working on 3 or 4 existing projects.
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